SHRIKANT BHAGWAN WAGHMARE,,PUNE vs. INCOME TAX OFFICER,,

The appeal was called twice, none appeared to represent the assessee. A perusal of the file shows that notice of the appeal for today was sent to the assessee through RPAD on 10-10-2019. The notice was duly served on the assessee as is evident from the acknowledgement card available on record. Despite service of notice, neither the assessee nor any authorized representative of the assessee has appeared in the Court. Even there is no request from the assessee seeking adjournment. In the past, two occasions i.e. 14-08-2019 and 03-10-2019, none appeared to represent the assessee. It seems that the assessee is not keen to pursue his appeal. Under such circumstances, we deem it appropriate to take up the appeal for hearing with the assistance of ld. DR and the material available on record.

The assessee in appeal has raised solitary issue of taxability of capital gains arising on purported sale of agricultural land. The other connected issue raised in the appeal is the year of taxability of capital gains on sale of aforesaid land.

Shri Sreevisakh R.K. representing the Department vehemently defended the impugned order and prayed for dismissing the appeal of assessee. The ld. DR submitted that the Assessing Officer had made addition of Rs.2,20,85,000/- on account of capital gains arising from sale of land. The assessee had sold the land for consideration of Rs.4,41,70,000/- and has earned capital gain of Rs.2,20,85,000/-. The assessee claimed the LTCG as exempt u/s 2(14) of the Act. The Assessing Officer has given categoric finding that the assessee is not an agriculturist and the land was not purchased for agricultural purposes. The ld. DR

We have heard the submissions made by ld. DR and have perused the orders of authorities below. We have not come across any material contrary to the findings of CIT(A). Therefore, we find no reason to interfere with the findings of First Appellate Authority. The impugned order is thus, upheld and the appeal of assessee is dismissed.

In the result, the appeal by assessee is dismissed.